Financial management

Direction and guidance on the department’s financial management requirements.

Audience

All staff, contractors and consultants engaged by the department.

Version Date Description of changes Approved by
V02.0.0

20/06/2024

Under the 2023 Policy and procedure review program, this policy is consolidated with the Purchasing card, Vendor invoice payment terms, Carry forward (schools) and the Voluntary school contribution policies. Policy scope has been extended to include:

  • the Carry forward (schools) procedures
  • the criteria for schools to request voluntary school contributions from parents and carers to enhance educational programs
  • content covering procedures, direction, and guidance on financial management in NSW Government schools
  • compliance requirements that apply to the use of department purchasing cards
  • the terms that apply to the payment of vendors to the department
  • clarification that the financial management of assets and equipment in schools is detailed in the Financial management (schools) procedure.

Chief Financial Officer


Document history

2023 Apr 05 - updated implementation document, Repurpose funds, to remove reference to the Investment Advisory Committee and remove the Strategic Programs reference table.

2022 Aug 26 - updated links in the implementation document, Assets-non-current assets and equipment.

2021 Jul 15 - new implementation document: Annual financial statements.

2021 Jun 21 - maintenance update to implementation document: Assets - non-current asset and equipment, Section 2.1 minor wording changes to improve readability.

2021 Feb - minor review to Implementation document : Assets Non-current assets and equipment updates to definitions & minor format changes.

2020 Jun - implementation documents: Decision tree repurpose funds and Process repurpose funds - deleted and are now incorporated into implementation document: Repurpose funds.

2020 Jun - inclusion of three new implementation documents.

Superseded documents

Budget Policy PD-2006-0354

  1. Policy statement
    1. As a General government sector entity the department’s Annual Financial Statements are prepared on an accruals basis and in line with the Australian Accounting Standards, Government Sector Finance Act and Regulations, and the NSW Treasury pronouncements.
    2. Schools should conduct long-term robust financial management practices to mitigate the risk that State Consolidated Funds will be significantly underspent or overspent.
    3. Schools may request voluntary school contributions from parents and carers to enhance educational programs.
    4. Goods and services provided to the department must be paid for in line with the agreed vendor payment terms.
    5. Department purchasing cards must be used in line with the department’s Purchasing cards procedures and delegations.
  2. Context
    1. The processing, monitoring and reporting of all the department’s financial transactions must comply with the:
      1. Australian Accounting Standards Board (AASB) – Australian Accounting Standards
      2. Australian Accounting Standards Board (AASB) – Australian Accounting Interpretations
      3. Australian Accounting Standards Board (AASB) – Conceptual Framework for Financial Reporting
      4. Australian Accounting Standards Board (AASB) – Framework for the Preparation and Presentation of Financial Statements
      5. NSW Treasury – Documents Library
      6. Financial Reporting Code for NSW General Government Sector Entities
    2. The following procedures support this policy:
      1. Annual financial statements procedure
      2. Accounting standards – Leases procedure
      3. Accounting standards – Revenue procedure
      4. Accounting standards – Service concession arrangements procedure
      5. Assets – non-current assets and equipment
      6. Carry forward (schools) procedure
      7. Financial management (schools) procedures
      8. Purchasing cards
      9. Re-purpose funds
      10. Vendor payment
      11. Voluntary school contribution
  3. Policy contact
    1. Annual financial statements
      Assets - non-current assets and equipment
      Finance Manager, Policy and Procedures Oversight, Financial Controlling, Finance Directorate
      financialcontrolling.ppo@det.nsw.edu.au

      Carry forward (schools)
      Director, Schools Planning, Budgeting and Reporting
      SSR@det.nsw.edu.au

      Financial management (Schools)
      Finance Manager, Schools Specialist Finance Centre
      corporate.sapschoolsfi518@det.nsw.edu.au

      Purchasing cards
      Director, Business Services and Enablement
      Contact EDConnect on 1300 32 32 32 or log an online query.

      Re-purpose funds
      Director Strategic Budgeting
      StrategicBudgeting@det.nsw.edu.au

      Vendor payments
      Manager, EDConnect, Accounts Payable
      1300 32 32 32
      EDConnect.ap@det.nsw.edu.au

      Voluntary school contribution
      Director, Schools Planning, Budgeting and Reporting
      SSR@det.nsw.edu.au
  4. Monitoring the policy
    1. The Chief Financial Officer monitors the implementation of this policy, regularly reviews its contents to ensure relevance and accuracy, and updates it as needed.


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